Mahila Samman Savings Certificate (MSSC) Calculator
Compute the exact 2-year maturity value and quarterly compounding returns for women and girl children at the official 7.50% sovereign rate. Includes 1-year partial withdrawal simulation and full 8-quarter passbook schedule.
*Withdrawing capital at Month 12 reduces the compounding base for Quarters 5 through 8.
Statutory Tax & TDS Rule (CBDT Circular 27/2023):
No TDS is deducted at source by Post Offices or Banks on MSSC interest. However, interest earned is fully taxable under “Income from Other Sources” in your annual ITR. MSSC is not eligible for Section 80C deductions.
- For: Women of any age & minor girls (guardian).
- Ceiling: ₹2 Lakh per individual across all banks/post offices.
- Multiple Accounts: Allowed with minimum 3-month gap.
- Premature Exit: Permitted after 6 months at 5.50% interest.
8-Quarter Compounding Passbook Ledger
Track exact quarter-by-quarter interest credited at 1.875% per quarter (7.50% / 4).
| Quarter | Opening Balance | Quarterly Interest (1.875%) | Withdrawal | Closing Balance |
|---|
MSSC vs Alternative Safe Investment Schemes
Compare sovereign safety, interest yield, lock-in tenure, and tax exemptions across popular Indian savings options.
| Scheme | Interest Rate | Tenure | Max Deposit | Tax Benefit | Target Audience |
|---|---|---|---|---|---|
| 🌸 Mahila Samman (MSSC) | 7.50% (Quarterly) | 2 Years | ₹2,00,000 | No 80C • No TDS | All Women & Minor Girls |
| 👶 Sukanya Samriddhi (SSY) | 8.20% (Annual) | 21 Years (or marriage) | ₹1.5 Lakh / yr | EEE (100% Tax Free) | Girl Child below 10 years |
| 📜 5-Year Post Office NSC | 7.70% (Annual) | 5 Years | No Limit | Sec 80C Eligible | All Indian Residents |
| 🏦 2-Year Bank Fixed Deposit | 6.80% - 7.10% | 2 Years | No Limit | Taxable + 10% TDS | General Public |
| 👴 Senior Citizens (SCSS) | 8.20% (Quarterly Payout) | 5 Years | ₹30,00,000 | Sec 80C Eligible | Ages 60+ |
Official MSSC Operational Guidelines & Rules
👩 Account Opening & Multiple Accounts
An account can be opened in any Post Office or designated Public/Private sector bank by a woman for herself, or by a guardian on behalf of a minor girl. An individual woman can hold more than one account, but the cumulative deposit across all accounts cannot exceed ₹2 Lakh, and there must be a mandatory cooling gap of at least 3 months between opening successive accounts.
⏳ Partial Withdrawal Rule (Month 12)
After the expiry of one year (12 months) from the account opening date, the account holder is entitled to a single partial withdrawal of up to 40% of the eligible credit balance in the account by submitting Form-3. The remaining principal continues to compound at 7.50% till maturity.
🚪 Premature Closure Terms
Premature closure is allowed after 6 months from account opening for any reason by submitting Form-4. In such voluntary premature closure, the applicable interest rate is reduced by 2% (i.e., interest is paid at 5.50% instead of 7.50%). In case of death of the account holder or extreme medical distress (cancer, organ transplant), closure is allowed without interest penalty.
📑 Taxation & TDS Exemption Status
Under Central Board of Direct Taxes (CBDT) Notification No. 27/2023, MSSC has been exempt from Tax Deducted at Source (TDS) under Section 194A. Thus, the post office or bank will credit the full interest without TDS. However, the interest earned must be reported in your ITR as taxable income.
Frequently Asked Questions (FAQ)
What is Mahila Samman Savings Certificate (MSSC)? ↓
Mahila Samman Savings Certificate (MSSC) is a sovereign small savings scheme launched by the Government of India in Budget 2023 exclusively for women and girl children. It offers a guaranteed 7.50% annual interest rate, compounded quarterly, over a fixed tenure of 2 years.
How much does ₹2,00,000 mature to in 2 years under MSSC? ↓
A maximum deposit of ₹2,00,000 yields ₹2,32,044 upon maturity after 2 years. The total compounded interest earned is ₹32,044, reflecting an effective annual yield of 7.71% due to quarterly compounding.
Can an adult male open an MSSC account? ↓
No. MSSC accounts cannot be opened in the name of an adult male. However, a father or legal male guardian can open and operate an MSSC account on behalf of a minor girl child until she attains adulthood.
Where can I open an MSSC account in India? ↓
You can open an MSSC account at any Department of Posts (India Post) branch across India, or at authorized public sector banks (such as SBI, PNB, Canara Bank, Bank of Baroda) and eligible private banks (such as ICICI Bank, Axis Bank, HDFC Bank).
What documents are required to open an MSSC account? ↓
You need: (1) Account opening application (Form-1), (2) KYC documents — Aadhaar Card and PAN Card of the applicant, (3) Recent passport-size photograph, and (4) In case of a minor girl child, the birth certificate of the child along with guardian KYC.